Lawmakers of the rival parties have submitted bills to promote blockchain this week.
Lawmaker Lee Sang-min of the governing Democratic Party unveiled a bill aimed at promoting blockchain on March 25. Lawmaker Song Hee-kyung of the opposition Liberty Party of Korea also initiated the similar bill on April 5.
Lee’s bill features how to define blockchain technology, how to stimulate research and development and promote the emerging industry, how to foster workforce and fund startups and how to designate the special regulation-free zone. Lee finetuned the bill through consultation with the K-FinNet, an association of fintech developers.
The bill also named the Ministry of Science and ICS as the government agency responsible for taking care of the blockchain technology.
The bill calls for the central government to protect blockchain intellectual property rights and to permit the local autonomous bodies to establish the regulation-free zone for blockchain developers.
Lawmaker Song also submitted a similar bill. The bill accented the establishment of the fair trading rule in blockchain business. The bill prevents blockchain developers from abusing their positions to gain unfair gains and from demanding unfair contracts.
It is likely that the two bills would become a compromise bill through merging them during a National Assembly subcommittee. However, it is unclear when the bill would get through the National Assembly.
